In an unexpected twist, baby boomers are now leading the charge in the U.S. housing market. According to the latest report from the National Association of Realtors (NAR), individuals between the ages of 60 and 78 have surpassed millennials to become the largest group of homebuyers in the country.
Between July 2023 and June 2024, baby boomers accounted for 42% of all home purchases. Millennials, aged 26 to 44, followed closely with 29% of home purchases during the same period. This is a significant shift compared to the previous year (July 2022 to June 2023), where millennials made up a larger share of the market at 38%, and baby boomers represented only 31%.
Among other age groups, Generation X, people aged 45 to 59 in 2024, accounted for 24% of homebuyers, while Gen Z (those between 18 and 25) made up a mere 3% of all home purchases.
But what’s really striking is the stark contrast in how these generations are financing their homes.
As Jessica Lautz, NAR’s deputy chief economist, points out, “What’s striking is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.” While more than 90% of homebuyers aged 44 or younger use some form of financing, making cash purchases among younger generations quite rare.
To read the entire article by Luke Baynes
Author: Bretta Watkins April 2025
